| Wed 5 Sep 2001, 0:00 | | Independent Financial Services Ltd ("indfin") - An |
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ISIN CODE : ZAE000025300
SHARE CODE : IND
Abridged, audited consolidated annual financial statements for the year
ended 30 June 2001
Highlights
- Profit after tax increases by 93% over pro-forma for 2000
- Apart from the acquisitions which shareholders approved on 13 July 2000,
INDFIN has acquired
brokerages and related value-added businesses for a total consideration of
R4m.
Year ended 30 June 2001 2000 *
R000 R000
Income statement
Revenue 10,648 6,294
Expenditure 8,043 4,723
Profit before tax 2,605 1,571
Taxation 955 718
Profit after tax 1,650 853
Minorities 180 1
Earnings 1,470 852
Headline earnings 2,200
Changes in equity
Opening balance 556
Non distributable reserve 372
Shares issued 9,000
Earnings for the year 1,470
Closing balance 11,398
Earnings per share
Earnings 4,3c
Amortisation 2,2c
Headline earnings 6,5c
Shares in issue (millions) 34
At 30 June 2001
R000
Balance sheet
Fixed assets
- Intangible 12,055
- Tangible 3,402
Current assets 1,114
Total assets 16,571
Shareholders' equity 11,398
Minorities 180
Non current liabilities 1,818
Current liabilities 3,175
Total equity and liabilities 16,571
Year ended 30 June 2001
R000
Cash flow statement
Operating activities 1,952
Investing activities -15,758
Financing activities 12,684
Cash and equivalents
- changes during year -1,122
- opening 534
- closing -588
* Results of Trident Insurance Brokers (Pty) Limited and its subsidiaries
prior to becoming a wholly owned subsidiary of INDFIN.
Comment
On 13 July 2000 Vierfontein Colliery's shareholders approved the scheme of
arrangement that saw Independent Financial Services Limited being listed in
the Development Capital Market under the abbreviated name INDFIN.
Indfin designs, markets and manages short term insurance products through
our brokerages, Trident Insurance Brokers (Pty) Limited and Independent
Financial Services (Cape) (Pty) Limited Indfin also provides complimentary
services in car hire and panel beating.
I am pleased to report a 93% increase in after tax earnings over the Trident
Pro Forma for 2000, and expect a meaningful increase in the current year.
Due to major acquisitions during the year, the Board has decided not to
declare a dividend. My thanks to staff and directors for their hard work
and to our valued clients for their ongoing support.
John W Simpson
CEO
5 September 2001
